Democrats push oil prices lower after decisive midterm win
Oil prices fell sharply after Democrats’ decisive midterm win, with markets anticipating Democratic control of Congress could bring a renewed push to end the Iran war. The Washington Post reported Brent crude fell 9 percent Wednesday. GasBuddy’s head of petroleum analysis, Patrick De Haan, said the national gas average could fall below $4 within a week if prices hold.
More context
Following Democrats’ decisive midterm victories, traders priced in the prospect that the new congressional majority would press harder to end the Iran war, and crude prices plunged. According to the Post, Brent sank 9 percent on Wednesday, reaching its lowest point since early September; WTI lost 8 percent and was trading at $88 a barrel early Thursday. The Post put Brent at $94 a barrel early Thursday; the Los Angeles Daily News also reported a 2.3 percent rebound in Brent, to $96.76. WBAY reported AAA put Wisconsin’s average gasoline price at about $4.10 a gallon, matching the national average. Patrick De Haan, GasBuddy’s head of petroleum analysis, said that if prices hold, the national average could fall below $4 within a week. He said gas might not return to $3 until next year.
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Reporting
- The Washington Post — Oil prices hit two-month low following decisive midterm election results - The Washington Post
- Global News — Will the U.S. midterm results do anything for oil and gas prices? - National | Globalnews.ca
- Los Angeles Daily News — AI stocks keep falling, as oil prices and bond yields steady
- wbay.com — Gas, oil prices fall after elections
Verifier’s note
WBAY, Global News, and The Washington Post report oil prices falling after the decisive midterm results. The Daily News also describes the initial drop, while noting that prices later recovered some of it.